Finxact provides a SaaS core banking platform that enables banks to integrate new services and migrate to a real-time digital-banking system of record. The company aims to deliver commercial and technical scale so banks can differentiate customer experiences. It works with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full bank conversions to digital-only initiatives. Led by founder and CEO Frank Sanchez, Finxact is positioning its platform for broad market adoption. The company raised $30M in equity financing to complete development and build scale to match market demand. Management intends to use the proceeds to finish product development and expand capacity. Finxact is developing an enterprise-class Core-as-a-Service platform that combines public cloud deployment with private data options and an open banking API. The platform is designed to let banks deliver new omni-channel services tailored for a real-time, digital-first world. The company says Finxact Core is targeted for first live customers in 2017 with general availability in 2018. Finxact raised $12M in seed funding to complete development of its platform. Backers included Live Oak Ventures and other strategic investors and angels. The company is co-founded by Frank Sanchez (CEO) and Mike Sanchez and is based in Jacksonville, FL.

Total raised

$42M

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2019